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South Bend council approves short-term use of maturing bonds to cover $400,000 in construction bills
Summary
The council voted Feb. 10 to use proceeds from two maturing bonds temporarily to pay roughly $400,000 in construction invoices that will be reimbursed after submission. The funds will be tracked separately in city books.
The Chair proposed that the city use proceeds from two maturing bonds on a short-term basis to cover about $400,000 in outstanding construction bills that must be paid before being reimbursed. "We have a large construction project going on right now, and we've got about $400,000 in bills that have to be paid 1st and then reimbursed," the Chair said.
Councilors discussed timing and expected return of funds; the Chair said one bond has already matured and the other is maturing on the 12th, and that the goal is to "put them back in as soon as we can." The council moved and seconded the measure and voted in favor; the Chair announced, "Motion carries." The Chair also said the proceeds will be designated in a "do not touch area" in the city books so the Finance staff can track the funds separately.
